lesson 3 Relevance of Entrepreneurship in Economic Development

Question 1

an Austrian economist, who first articulated the importance of entrepreneurship to the economy and in the society in 1934.

Answer 1

JOSEPH SCHUMPETER

Question 2

When entrepreneurs put up their businesses, they employ people who possess different competencies and personal values to help them operate the enterprise.

Answer 2

Creates Employment

Question 3

Entrepreneurs are opportunity-seekers, creative and resourceful.

Answer 3

Develops New Markets

Question 4

They seek for new buyers or costumers of their product or services

Answer 4

Develops New Markets

Question 5

Entrepreneurs are always in constant search for better and cheaper sources of materials they need.

Answer 5

Generates New Sources of Materials

Question 6

The new products and services developed by the entrepreneur contribute to the increase in the personal benefit and convenience of people in society

Answer 6

Improves the Quality of Life

Question 7

Entrepreneurs are people to be emulated by younger generations in the community and society at large.

Answer 7

Serves as Role Models

Question 8

Entrepreneurs pay taxes for every product or service sold in the market. They also pay for the permits and licenses to operate their businesses

Answer 8

Brings Social Benefits to the People

Question 9

Entrepreneurs become more concerned about the welfare of their consumers, and ethical in producing and selling their products or services, in order that consumers will prefer them over the other enterprises selling the same.

Answer 9

Provides More Alternative for Consumers